THE President of the Dangote Group, Aliko Dangote, has assured members of the public, particularly parents with children studying abroad who invest in the Dangote Petroleum Refinery and Petrochemicals FZE, of a viable return on investment capable of easing the burden of paying their children’s school fees in the event of naira devaluation.
The billionaire entrepreneur gave the assurance on Monday on the trading floor of the Nigerian Exchange Limited (NGX) in Lagos, where he delivered his opening address at the formal commencement of the Initial Public Offering (IPO).
The IPO, which opened today, September 14, 2026, comprises 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus.
The transaction is targeted at retail, institutional and eligible African investors, reinforcing the Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.
Dangote said the IPO was primarily about giving members of the public the opportunity to own a part of the investment, even as he acknowledged that many prospective investors might not fully understand what they were buying.
“The IPO is about making sure that we invite the public so that they can get part of the investment.
“Most likely, people don’t even know what they are buying. But I can tell you. Everything is in the hands of God, but by the end of this year, this is going to be the largest company in Africa, not in Nigeria.
“So you are buying a future where the company will be way ahead of a lot of seven companies. Don’t let the train leave you at the station.
“However, we believe that a project of this magnitude should not create value for only a few people. Not only for Nigerians.
“The IPO provides opportunity for teachers, civil servants, people who even have their children abroad, to now have the confidence of keeping them abroad, so that even when there is devaluation, they will continue to pay their school fees because you will be getting your dividends in dollars.”
Dangote explained that the decision to list the Refinery on the Nigerian Exchange and embark on the Initial Public Offering was aimed at making wealth generation available to the ordinary man and was not primarily about fundraising. According to him, the offer is bringing to the public, for the first time, an opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects.
“Today is not about listing a company but about listing a company for Nigerians, for Africa and for the black race.
“Today we formally open the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, and we are inviting Nigerians, Africans, Caribbeans, Europeans, Americans, Chinese and everybody across the world to become shareholders in one of the world’s and Africa’s most transformational industrious project.
“This moment represents the fulfillment of a commitment I made several years ago, that when the refinery becomes fully operational of sustainable value and derisk investment- because we don’t want people to risk their money- when people risk and lose their money, our image will be dented. That is why what we are selling to the people is what their generations can benefit from. That is why the ownership of the refinery is brought to the people to allow them to share in the prosperity that we have created and we will continue to create.
“The primary purpose of making this offer is to democratise wealth creation. If it is the question of raising money, I think we have raised more than what we need as a group to execute all our projects. So far, we have $46 billion in the pipeline to invest and expand our various businesses to take us to our Vision 2030, and I think we are on track, and we will keep tracking ourselves to make sure we remain on track.”
Dangote made the remarks while speaking on the trading floor of the NGX during the IPO ceremony on Monday, September 14, 2026.
The company, through Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, had emphasised that participation in the offer had been designed to be accessible, transparent and technology-enabled. Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks and authorised investment platforms, subject to the provisions contained in the Prospectus.
The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa. According to Dangote, the proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments and the creation of additional value for shareholders and stakeholders alike.
Explaining the rationale behind the offer and the earlier private placement, Dangote said the company had initially planned to raise $2.5 billion, comprising $1.5 billion through the IPO and $1 billion through private placement.
“The real purpose of this fund is that when we did the private placement, we wanted to sell $2.5 billion. The IPO was $1.5 billion, and the private placement was $1 billion. We went in for $1 billion, and it was very encouraging working to meet the demand. And we even insisted that everybody should go and even insisted everyone should go and pay in dollars. We refused to collect currencies other than dollars. And we had to allocate and reallocate.
“I remember that myself, Marat, Chuka, Bolaji, during the process ended up returning a lot of applications amounting to $1.2 billion, and we took only $2.5 billion. So $2.5 billion is a lot and exactly what we plan to do for Africans to expand the business and take it to the next level. So with the private placement, we have already met all our demands.
“Coming back now to do an IPO is about making sure that we invite the public so that they can get part of the investment. Most likely, people don’t even know what they are buying. But I can tell you. Everything is in the hands of God, but by the end of this year, this is going to be the largest company in Africa, not in Nigeria. So you are buying a future where the company will be way ahead of a lot of seven companies. Don’t let the train leave you at the station.
“However, we believe that a project of this magnitude should not create value for only a few people. Not only for Nigerians. The IPO provides opportunity for teachers, civil servants, people who even have their children abroad, to now have the confidence of keeping them abroad, so that even when there is devaluation, they will continue to pay their school fees because you will be getting your dividends in dollars.”